Aliko Dangote Advises Nigerian Government on How to End Economic Recession


Africa’s richest man and business magnate, Aliko Dangote has dished out some feasible ways that the Federal Government of Nigeria can use in tackling the ongoing economic recession in the country.

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Aliko Dangote suggested that the government should sell off the Nigerian Liquified Natural Gas (NLNG) company, and other dormant but huge capital-generating sectors and invest the proceeds into the economy.

He stated this in an interview with CNBC Africa. According to him, this will bring the country out of recession before the end of the fourth quarter of 2016.

“The only way for us to get out of this recession is to make sure we move into action quickly; action by diversifying the economy quickly,” he said.

“If I had challenges in my company, I would not hesitate to sell assets, to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organisation.

“What we need to do now in my own thinking… we have a lot of assets to sell. We can sell part of the joint venture; part of the shares. You know government normally owns 60 percent.

“We can sell in an open tender be it Chinese. We can change the term and make it an operating one, just like what we have in NLNG. We also have another asset I think we don’t really need.

“The African finance corporation; it can fetch them $800 million easily. My own suggestion before was that they should even sell 100 percent of NLNG. I don’t think government should be in any business of investing in sectors of LNG.

“A company like that, with earnings of $1.5 billion on the average, they should get anywhere between $12 billion and $15 billion.”

The billionaire emphasized that if Nigeria sells off NLG for $15 billion and adds the money to the already available $25 billion, the FG will have $40 billion in reserve, which will go a long way in upgrading the economic situation.